Dems Demand Tax Hikes for More of the Same Failed Spending That Sent Jobs Overseas

 Obama Wants Tax Hikes for More Government Spending “In Every Industry”

• President Obama yesterday revealed what he’d like to do with the money added to government coffers through the Democrats’ proposed tax hikes on families and small business: more government spending “in every industry,” supposedly to create jobs.  
• The problem is that the Democrats’ last big government spending sprees, the failed stimulus and ObamaCare, led to the outsourcing of jobs to countries like China.
• The Democrats’ demands for tax hikes could lead to hundreds of thousands of jobs being destroyed and cut wages for hard-working families.

President Obama yesterday revealed what he’d like to do with the money added to government coffers through the Democrats’ proposed tax hikes on families and small business: more government spending “in every industry,” supposedly to create jobs:

OBAMA: LET’S REPEAT BAILOUTS WITH EVERY INDUSTRY: “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.” (Donovan Slack, “Obama: Let’s Repeat Auto Rescue With Every Manufacturing Industry,” Politico, 8/9/2012)

OBAMA SAYS HE WANTS “TO INSOURCE,” NOT OUTSOURCE: “I don’t want to be a pioneer of outsourcing. I want to insource.” (Donovan Slack, “Obama: Let’s Repeat Auto Rescue With Every Manufacturing Industry,” Politico, 8/9/2012)

The problem is that the Democrats’ last big government spending sprees, the failed stimulus and ObamaCare, led to the outsourcing of jobs to countries like China:

OBAMA VOWED HIS STIMULUS WOULD ENSURE “THE JOBS AND INDUSTRIES OF THE FUTURE ARE CREATED RIGHT HERE IN THE UNITED STATES OF AMERICA”: “OBAMA: ‘Fourth, we’ll use our clean energy fund to invest over $1 billion a year to re-tool and modernize our factories and build the advanced technology cars, trucks and SUVs of the future – so that the jobs and industries of the future are created right here in the United States of America.’” (Senator Barack Obama, Remarks At A Campaign Event, Dayton, OH, 7/11/2008)

DEMOCRAT LEADER NANCY PELOSI HAS ALSO OFTEN SLAMMED OUTSOURCING: “Republicans have failed to put forward a plan to create jobs or end the outsourcing of American jobs, and continue to waste valuable time on bills to nowhere.” (“Pelosi Statement on President Obama’s Call to Extend the Middle Class Tax Cuts,” Democratic Leader Nancy Pelosi, 7/9/2012)

YEAH, NOT SO MUCH:

DEPARTMENT OF ENERGY STUDY: “60% OF THE 40 LARGEST WIND FARMS” RECEIVING STIMULUS FUNDS “RELIED ON FOREIGN MANUFACTURERS FOR THEIR CENTRAL COMPONENTS”: (Tom Hamburger, Carol D. Leonnig and Zachary A. Goldfarb, “Obama’s Record On Outsourcing Draws Criticism From The Left,” The Washington Post, 7/9/2012) 

EVEN SOME SENATE DEMOCRATS SLAMMED THE STIMULUS THEY SUPPORTED FOR OUTSOURCING: (Press Release, “Schumer, Casey, Brown & Tester Urge Obama Administration To Suspend Stimulus Program Funneling Billions Overseas,” Office Of Sen. Charles Schumer, 3/3/2010)

INVESTIGATIVE REPORTING WORKSHOP: 79% OF FIRST $2 BILLION WENT TO FOREIGN COMPANIES: (Press Release, “Schumer, Casey, Brown & Tester Urge Obama Administration To Suspend Stimulus Program Funneling Billions Overseas,” Office Of Sen. Charles Schumer, 3/3/2010)

FACTCHECK.ORG: STIMULUS DOLLARS “DEFINITELY” WENT TOWARDS CREATING JOBS IN CHINA, CHINESE COMPANIES GOT $2.6 MILLION: “As we know from Choma’s exhaustive research, it is true that foreign-owned companies have received $2.4 billion in grants to build wind farms in the U.S. Choma gives this breakdown: Spain, $1.1 billion; Germany, $474.4 million; Portugal, $333 million; Australia, $178 million; Japan, $130.5 million; Italy, $84.2 million; France, $69.5 million; United Kingdom, $42.2 million; China, $2.6 million. Choma said wind turbines have 8,000 components and he found proof that some of them were manufactured in China and other countries. … In a blog post on Sept. 27, Choma wrote: ‘…we can’t say for sure how much of this stimulus money went to create jobs in China. Some money definitely did, but it is safe to say more money went to creating jobs in the U.S. and Europe.’”(Eugene Kiely, Lara Seligman, Lauren Hitt and Melissa Siegel, “Stimulus Jobs in China?,”FactCheck.org, 10/29/2010)

OBAMACARE COULD BE OUTSOURCING JOBS, TOO:

OBAMACARE’S MEDICAL LOSS RATIO MANDATE COULD FORCE EMPLOYERS TO “MOVE MORE JOBS TO CHEAPER-WAGE COUNTRIES”: “Moreover, the health care reform law could prod insurers to move more jobs to cheaper-wage countries. The new law requires companies to spend 80% to 85% of premiums on medical care, limiting the amount available for administrative expenses.” (Don Lee, “Worries Grow As Health Care Firms Send Jobs Overseas,” Los Angeles Times, 7/25/2012) 

OBAMACARE “MAY BE A CATALYST FOR NEW FORMS OF OUTSOURCING”:“The Affordable Care Act, by increasing the number of people in the health care system and changing the way delivery is funded, may be a catalyst for new forms of outsourcing.” (George Lauer, “Outsourcing May Grow As Health System Evolves,”California Healthline, 8/2/2012)

JOBS HAVE ALREADY BEEN OUTSOURCED DUE TO OBAMACARE’S HEART ATTACK TAX: “Cook Medical is no longer planning to open a U.S. factory a year. Boston Scientific, planning for a more than $100 million charge against earnings in 2013, recently built a $35 million research and development facility in Ireland and is building a $150 million factory in China. (Capital goes where it is welcome and stays where it is well-treated.) Stryker Corp., based in Michigan, blames the tax for 1,000 layoffs. Zimmer, based in Indiana, is laying off 450 and taking a $50 million charge against earnings. Medtronic expects an annual charge against earnings of $175 million.” (George Will, “Taxing Jobs Out of Existence,” The Washington Post, 5/9/2012)

INDIANA COMPANY CANCELLED PLANS TO OPEN FIVE NEW PLANTS DUE TO HEART ATTACK TAX: (J.K. Wall, “Cook Medical Shelves Midwest Expansion Plan,” Indiana Business Journal, 7/27/2012)

COMPANY NOW SAYS “THEIR FUTURE GROWTH WILL BE FOCUSED OVERSEAS”: (J.K. Wall, “Cook Medical Shelves Midwest Expansion Plan,” Indiana Business Journal, 7/27/2012)

MEDICAL DEVICE ASSOCIATION SAID OBAMACARE’S HEART ATTACK TAX COULD FORCE “43,000 JOBS OVERSEAS”: (Sam Baker, “Device-Makers Say Tax Will Cost 43,000 U.S. Jobs,” The Hill‘s ” Health Watch,” 9/7/2011)

The Democrats’ demands for tax hikes could lead to hundreds of thousands of jobs being destroyed and cut wages for hard-working families: 

“DEMOCRATS THREATEN TO GO OVER ‘FISCAL CLIFF’ IF GOP FAILS TO RAISE TAXES”: (Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,” The Washington Post, 7/16/2012) 

“SENIOR DEMOCRATS” ARE READY TO “PLUNGE THE NATION BACK INTO RECESSION” IF THEY DON’T GET THE TAX HIKES THEY WANT: “Emboldened by signs that GOP resistance to new taxes may be weakening, senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise.”(Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,”The Washington Post, 7/16/2012)

FORMER CBO DIRECTOR: DEMOCRAT PLAN TO HIKE TAXES IS “MADNESS”:(Ronald D. Orol, “Democrat Idea to Let Bush Tax Cuts Expire Is ‘Madness’,” MarketWatch, 8/2/2012)

FEDERAL RESERVE CHAIRMAN BEN BERNANKE: IF DEMS GET THEIR WAY “RECESSION WOULD OCCUR EARLY NEXT YEAR”: “The Congressional Budget Office has estimated that, if the full range of tax increases and spending cuts were allowed to take effect–a scenario widely referred to as the fiscal cliff–a shallow recession would occur early next year…” (Bernanke testimony before the Senate Banking Committee, Federal Reserve Web site, 7/17/2012) 

89% OF DEMOCRATS VOTED AGAINST PREVENTING TAX HIKES(Roll Call 545, Clerk of the U.S. House, 8/1/2012)

JOINT COMMITTEE ON TAXATION: 940,000 SMALL BUSINESSES TO GET HIT BY DEMOCRATS’ LATEST TAX HIKE: “Congress’s Joint Tax Committee—not a conservative outfit—estimates that in 2013 about 940,000 taxpayers will have enough business income to meet Mr. Obama’s tax increase threshold.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

710,000 JOBS COULD BE DESTROYED BY DEMOCRATS’ TAX HIKE PLAN: (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012, Appendix C)

1.8% DROP IN WAGES: “Real after-tax wages would fall by 1.8%, reflecting a decline in workers’ living standards relative to what would have occurred otherwise.” (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012)

MORE THAN HALF OF NET BUSINESS INCOME WILL BE HIT BY HIGHER TAX RATES UNDER OBAMA PROPOSAL: “And of the roughly $1.3 trillion in net business income, about 53% will get hit with the higher tax rates. This is because millions of businesses report their income as sole proprietors and subchapter S corporations that file under the individual tax code.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

OBAMA’S NEW TAX HIKE WOULD HAVE SOME SMALL BUSINESSES PAYING HIGHER TAX RATES THAN GENERAL ELECTRIC AND J.P. MORGAN: “So Mr. Obama wants these businesses to pay higher tax rates than the giant likes of General Electric or J.P. Morgan. Does that qualify as ‘tax fairness’?” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)